Confused About Denied Reason

Supernatural · ‎12-18-2013

Sorry in advance if this is the one forum.

I am currently rebuilding my credit and so far so good. My transunion score is at 700 I have no late payments, no collections, and only 5 inquiries. The two things that are working against me at the moment is my AAOA and the number of good accounts that I have on file which is only four. I decided to apply for a Capital One card a few week ago since I already have one of their secure cards. Sadly, I was turned down at first I thought it was because I have such a thin file but I got the denial letter in the mail today and it said

"Based on your application information, proportion of Capital One account balance(s) to credit limit or high credit is too high"

It sounds like it is saying that my current Capital One card credit balance is too high which isn't accurate. I usually pay off all of my cards about three days after I make a purchase and I make sure that all of them only reports $1 at the end of each billing cycle so my utilization stays low. Can anyone shed some light on this?

Also something that I have never seen on any of my previous denial letters that gave me a bit of hope is

"If you feel we missed something or misread your information, then please write to us at yada yada yada. We recommend you contact the credit agencies first to ensure they have accurately reported your information to us. Contact information is provided on the back of this letter."

I have never been told to contact them after I have been denied. I have already received all of my credit reports and the info on them is correct. Should I write to them anyway and explain to them that I pay my bills every month or should I just let it go and start gardening again?

Any help would be greatly appreciated

myjourney · ‎12-18-2013

Just curious did you let your CR's update paid off amount before applying for the new card?

Manual review could see it but a computer will just see the balance on CR's

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Supernatural · ‎12-18-2013

I did wait for it to update but it was only a day after the update on the CR. Do you think that could be what they are refering to?

I would love for them to have a second look at my CR because I think I have enough good credit history for a low limt card but I would hate for them to do another hard pull.

myjourney · ‎12-18-2013

@Supernatural wrote:
I did wait for it to update but it was only a day after the update on the CR. Do you think that could be what they are refering to?
I would love for them to have a second look at my CR because I think I have enough good credit history for a low limt card but I would hate for them to do another hard pull.

Not sure what number they gave you to call but I woud contact the EO for better results and the good news it will be a SP because you have taken the HP already.

See link below for email contact

http://bit.ly/18jOWTI

Good luck

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Supernatural · ‎12-23-2013

Just wanted to say thank you for the advice. I sent an email to the EO and well as a letter by post. I got a call today from a very nice lady who will be passing my information along and said that she would even call me back the second the decision has been made. Crossing my fingers till then.